Fuel prices across India held steady on May 2, even as global crude markets remain on edge amid tensions in West Asia and disruptions to key shipping routes.

The pause in the prices comes amid heightened political sensitivities ahead of the results of recently conducted assembly elections in West Bengal, Tamil Nadu, Assam, Kerala and Puducherry. 

In Delhi, petrol continues to retail at ₹94.77 per litre, while diesel is priced at ₹87.67 per litre. Prices remain higher in Mumbai, where petrol is selling at ₹103.54 per litre and diesel at about ₹90.03 per litre.

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Across major cities such as Bengaluru, Hyderabad and Kolkata, petrol prices are still above ₹100 per litre, while diesel continues to be below ₹100.

Fuel prices in key cities (May 2)

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What drives petrol and diesel prices in India?

Fuel prices at the pump are shaped by a combination of global, economic, and domestic factors. At the heart of it is the international price of crude oil, the base raw material for both petrol and diesel, which has the single biggest bearing on what consumers ultimately pay.

The rupee-dollar exchange rate is another key variable, given that India relies heavily on imported crude. When the rupee weakens against the dollar, the cost of procuring crude rises, which can feed directly into higher retail fuel prices.

Why do prices differ across different cities?

On top of that, taxes levied by both the central and state governments make up a substantial portion of the final price, which is why petrol and diesel rates differ across states. Transportation costs and prevailing demand-supply conditions also factor into the retail price consumers see at the pump.

Published on: May 2, 2026 8:20 AM IST